|By PR Newswire||
|March 6, 2014 10:00 AM EST|
BURLINGTON, Mass., March 6, 2014 /PRNewswire/ -- Decision Resources Group finds that growth in the Chinese market for interventional cardiology (IC) devices has slowed dramatically compared to previous years due to increasing competition from domestic competitors. Smaller local competitors are looking to enter the drug-eluting stent segment in particular, and these companies have implemented aggressive pricing strategies that have forced more established competitors to reduce prices. Domestic manufacturers have been successful at reducing manufacturing costs, establishing distribution and customer networks and a local presence, all of which have made it difficult for multinational companies to compete.
"To compete with Chinese manufacturers, multinational corporations have implemented a number of strategies to decrease costs and increase credibility in China," said Decision Resources Group Analyst Darren Lin. "Some foreign competitors are developing manufacturing plants and training centers to create a stronger local presence, while others have acquired local manufacturers, such as Biosensors International's acquisition of JW Medical Systems. Partnerships will also remain critical for accessing remote and rural areas. Competitors often maintain direct sales forces in major urban centers while using local distributors to access more remote regions. This practice is becoming increasingly important as China expands its medical infrastructure to more rural parts of the country, where navigating local customs and building networks can be challenging for foreign companies."
In addition to diminished revenue growth caused by intensifying price competition, the Chinese IC device market will also be adversely affected by the falling number of stents used per procedure. Although stenting procedure volumes will rise as physicians increasingly treat complicated disease states, concerns about overstenting will reduce the number of stents used per procedure, which will hinder unit sales through 2022. Despite this limiter, overall stent sales will continue to grow strongly, far outpacing the comparatively stagnant markets in developed countries. In particular, underserved, more rural regions will sustain double-digit growth over the next 10 years.
Decision Resources Group's Chinese Markets for Interventional Cardiology Devices 2014 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for coronary stents, percutaneous transluminal coronary angioplasty balloon catheters and IC accessory devices in the province-level municipalities, as well as the east coast, central and other regions of China. A current year snapshot is also shown by hospital tier and city tier.
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